The Appraisal Foundation’s (TAF) Appraisal Standards Board (ASB) recently announced a comprehensive review of the Ethics Rule in the Uniform Standards of Professional Appraisal Practice (USPAP).
“This is a prime example of why USPAP requires periodic updates,” ASB Chair Michelle Czekalski Bradley said in a TAF release. “The appraisal profession has to be able to evolve, which means our standards need to adapt when the need arises. We appreciate federal regulators bringing their concerns about the Ethics Rule to our attention. There is no place for discrimination in the appraisal profession, and we want to ensure that is clearly enshrined in our standards.”
This announcement follows a Feb. 4 letter from federal regulators to the ASB raising concerns the Ethics Rule does not make it clear that discrimination against protected classes is prohibited or that appraisers must follow all applicable federal and fair housing laws.
The ASB responded to this letter asking federal regulators to meet with them to assist in a comprehensive review of the Ethics Rule to address their concerns.
The current edition of USPAP is effective through Dec. 31, 2022.