Is USPAP federal law?
How is USPAP enforced? Through FIRREA, the federal government has mandated that the states enforce real property appraiser compliance with USPAP. Professional appraisal associations also have the legal authority to enforce USPAP compliance by their members.
What is the purpose of USPAP?
USPAP contains standards for all types of appraisal services including real property, personal property, business valuation and mass appraisal. The purpose of USPAP is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.
How do you get USPAP certified?
Who is required to take USPAP courses? Real property appraisers are required to take the 15-Hour National USPAP Course (or its equivalent) to obtain a state credential. Once credentialed, all real property appraisers must take the 7-Hour National USPAP Update Course (or its equivalent) once every two calendar years.
What is USPAP certification?
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. To become a real property appraiser in the United States, appraisers must take the 15-Hour National USPAP Course (or its equivalent).
Who regulates the appraisal practice?
The Appraisal Subcommittee (ASC) The ASC is part of the Federal Financial Institutions Examinations Council (FFIEC), which coordinates federal banking regulators. The ASC’s board is appointed by the heads of related agencies. Each member agency of the FFIEC (banking regulators) appoints one ASC board member.
How does USPAP define an appraiser?
The current definition of “appraiser” according to the Uniform Standards of Professional Appraisal Practice (USPAP) is: “One who is expected to perform valuation services competently and in a manner that is independent, impartial and objective.” USPAP further comments on this definition: “Such expectation occurs when …
Who writes USPAP?
the Appraisal Standards Board
USPAP is developed by the Appraisal Standards Board (ASB) of The Appraisal Foundation. Standards 1 and 2 establish requirements for the development and reporting of a real property appraisal.
Who is the National Association of real estate appraisers?
With over 40 years of serving professional appraisers nationwide, the National Association of Real Estate Appraisers (NAREA) is the leading organization in its field.
Is the American Society of Appraisers a professional organization?
The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization designating members in all appraisal specialties. Click here for the latest News, Advocacy & Resources, Practitioner Guidance and important links.
Which is the best organization for appraisers to join?
Renowned and Respected. The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization designating members in all appraisal specialties.
What are the standards of Professional Appraisal Practice?
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States.