I spent this Saturday doing a 7-hour USPAP update class. What’s USPAP you ask? USPAP is the Uniform Standard of Professional Appraisal Practice. USPAP was defined and put into place when the Appraisal Foundation Board was formed in the wake of the mid-1980s Savings and Loan debacle. USPAP defines standards of ethics and professional behavior for real estate appraisers as well as personal property appraisers.
All well-trained, independent appraisers should get regular USPAP training and agree to abide by the standards of conduct. Of course as a certified member of The International Society of Appraisers, I abide by both USPAP standards and ISA standards. USPAP updates are required every other year and are just a small part of the ongoing training done to keep up with the latest changes in law and depth of property knowledge. Our clients expect a very high level of professionalism.