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USPAP’s top five misunderstood guidelines explained – Part One
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The Appraisal Foundation’s revisions to the Uniform Standards of Professional Appraisal Practice (USPAP) for 2014-15 took effect Jan. 1.
Even though the revisions were meant to alleviate confusion and promote appraisal best practices, there are still some often-misunderstood standards appraisers need to be aware of.
John Brenan, the director of appraisal issues at The Appraisal Foundation, said that hardly a day goes by when the foundation doesn’t field a question from an appraiser, appraisal management company (AMC) or a state appraiser regulatory agency about how particular USPAP guidelines apply.
While appraisers can become more familiar with USPAP guidelines by participating in USPAP update courses before revisions take effect, Brenan talked to Valuation Review about the top five frequently misunderstood areas of USPAP that appraisers need to know.
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