USPAP - What is it, Why is it important?
USPAP is the acronym for the Uniform Standards of Professional Appraisal Practice and is a publication set forth by the Appraisal Standards Board (ASB) of the Appraisal Foundation, a non-governmental entity that was charged by Congress to establish and maintain such standards for appraisers. Considered to be a sort of quality control for the profession, USPAP provides vetted and generally accepted regulations meant to promote public trust in the profession; these standards apply to personal property, real estate, business and mass appraisals. Compliance with USPAP is mandatory for appraisers working on projects for charitable contribution, estate tax purposes and other federally related intended uses. When choosing an appraiser for your valuation needs, it is important to ask if they are in compliance with USPAP and work under the relevant standards for their appraisal practice. Here at ARAI, we are not only USPAP compliant, we also work under the exacting standards of the American Society of Appraisers, of which Frances Zeman is a Fellow (the senior-most designation) and Life Member. Should you have additional questions about USPAP or what defines a USPAP compliant report, do not hesitate to contact us!