What is USPAP?

Uniform Standards of Professional Appraisal Practice (USPAP) provides recognized ethical and practice standards for appraisers. It was adopted by Congress in 1989.

Compliance with USPAP is only mandated for appraisers involved with federally-related real estate deals. It is not mandated for those doing equipment appraisals.

However, USPAP has been adopted as the standard by many appraisal organizations. Users of your equipment appraisal might require an appraisal that meets USPAP standards, so it’s important to understand if this will be required and to ask your appraiser if they meet these guidelines.

USPAP covers many aspects of appraisals including ethics, record keeping and scope of work.

An appraisal itself, as well as the appraiser that completes the work, is not certified as USPAP. Instead, it’s a set of rules that an appraiser follows in completing an appraisal.

 

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