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WHAT IS AN APPRAISAL?

 

 

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WHAT IS USPAP?

 

 

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What is USPAP and The Appraisal Foundation?

The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted minimum standards for professional appraisal practice in the United States, as set forth by The Appraisal Foundation. Among the many stipulations, USPAP requires that the appraiser act as a neutral, disinterested third party who reports the facts in an unbiased manner.

The Appraisal Foundation, established in 1987, is a national nonprofit organization created to establish uniform criteria for professional appraisers. Since 1989 The Appraisal Foundation has been recognized by the U.S. Congress as the source for the development and promulgation of appraisal standards and qualifications. The Appraisal Foundation is the source of the Uniform Standards of Professional Appraisal Practice that is the recognized standard of care governing professional appraisers.

USPAP contains standards for all types of appraisal disciplines including Personal Property. Compliance with these standards is required by professional appraisal associations, client groups and by federal, state and local agencies.

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