The Appraisal Foundation sent out an announcement on Feb. 19 declaring the Appraisal Standards Board decided the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will be extended by one year. The American Society of Appraisers (ASA) posted an announcement on its website to clarify matters for appraisers.
The 2020-2021 USPAP now will be effective until Dec. 31, 2022; therefore, appraisers can continue using that version of USPAP for this cycle.
What does this change mean for practicing appraisers? This extension does not impact appraiser continuing education requirements. The 7-hour continuing education course is required to be taken once every two years and will come out later in 2021.
Additionally, the ASA announcement said, USPAP continuing education requirement for BV appraisers requires the completion of the 7-hour USPAP course every five years.