The issue of state regulations on appraisers’ ability to perform evaluations has grown more prominent in recent years, particularly regarding compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). In its latest Exposure Drafts, the Appraisal Standards Board (ASB) has proposed revisions to minimum reporting components. The Second Exposure Draft for the 2020-21 version of USPAP is open for public comment. Among other proposals, it includes changes to all of the reporting STANDARDS to simplify the interpretation of the reporting Standards Rules by making them consistent, according to the ASB.
The ASB also proposes a new Advisory Opinion, AO-38, which would help answer questions about the responsibilities of the appraiser related to USPAP reporting requirements in STANDARDS 2, 8, and 10.
To comment on the Second Exposure Draft, visit Second Exposure Draft of proposed changes for the 2020-21 edition of the Uniform Standards of Professional Appraisal Practice, as well as the First Exposure Draft of Proposed Changes to the Advisory Opinions.
For questions or concerns about USPAP or proposals, email Aida Dedajic at The Appraisal Foundation at [email protected]. Comments about the drafts must be sent by today at [email protected].
The ASB public meeting will be Oct. 19 at 9 a.m. EST in Washington D.C. To register for the live stream of the meeting, click Live Stream.