Appraisal Standards Board Adopts New Edition of USPAP

New edition will be effective January 1, 2024

WASHINGTON, May 5, 2023 /PRNewswire/ -- The Appraisal Standards Board today voted to adopt the Fifth Exposure Draft of proposed changes to the Uniform Standards of Professional Appraisal Practice (USPAP). The new edition will be available this fall and will become effective on January 1, 2024. Unlike previous editions, it will not have an end date.

"Conducting this comprehensive review and revision of the Ethics Rule will benefit the profession and the public," said Appraisal Standards Board Chair Michelle Czekalski Bradley. "The Board was pleased by the results of this process and feels that this new edition of USPAP will be an asset to appraisers and the public alike who are seeking to gain a better understanding of an appraiser's ethical obligations and requirements under fair housing laws and regulations. Bias and discrimination have never been permitted by our standards, and now that is clear to all who read them."

All exposure drafts are developed by the Appraisal Standards Board and released for public comment. Successive exposure drafts are updated and released based on public comments on previous drafts.

Background: The Appraisal Foundation is the nation's foremost authority on the valuation profession. The organization sets the congressionally-authorized standards and qualifications for real estate appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring appraisals are independent, consistent, and objective. More information on The Appraisal Foundation is available at www.appraisalfoundation.org.

Media Contact:
Amy Kaufman
Director of Communications
The Appraisal Foundation
[email protected]
direct phone 202.624.3048

SOURCE The Appraisal Foundation