The Appraisal Foundation’s (TAF) Appraisal Standards Board (ASB) recently announced that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) would be extended by one additional year. The 2020-2021 USPAP will now be effective until Dec. 31, 2023, according to the TAF website.

“After careful consideration, the Appraisal Standards Board has voted to extend the current edition of USPAP through Dec. 31, 2023. The ASB launched a comprehensive review of the ETHICS RULE in February and just released the resulting Third Exposure Draft in July,” ASB Chair Michelle Czekalski Bradley said following the announcement. “As USPAP matures, revisions such as this will take more time to conduct the requisite research to ensure changes continue to uphold the public trust.

“I am proud of the work we have done, in conjunction with the preeminent fair housing law firm Relman Colfax, to develop the proposed changes to the ETHICS RULE in the Third Exposure Draft, and the board looks forward to receiving public comment on this proposed change,” Czekalski Bradley added.

Comments are due to www.theappraisalfoundation.org  by Sept. 24.

TAF also provided some frequently asked questions regarding this announcement.

Q. How long is the current version of USPAP effective?

A. With this announcement, the 2020-21 USPAP will now have an effective date through Dec. 31, 2023. This is an additional one-year extension, which will be added on to the previous one-year extension, which expires on Dec. 31, 2022.

Q. What does this mean for the USPAP cycle going forward?

A. Future editions of USPAP will have an effective start date but no end date. This will give the Appraisal Standards Board greater flexibility to fully examine potential revisions to the standards and respond in a timely manner to changes in the valuation profession.

Q. How does this impact the requirement to take a 7-hour continuing education course on USPAP every two years?

A. This extension does not impact appraiser continuing education requirements. The 7-hour continuing education course is required to be taken once every two years as a way to offer appraisers a refresher on important cornerstones of the profession and offer practical applications for their appraisal practice. On Oct. 1, 2021, a new USPAP course was released, which will continue to be offered to meet this continuing education requirement.

Q. Will I need to buy another copy of USPAP for the 7-hour continuing education course if I already bought a copy of the 2020-21 USPAP?

A. No, you can continue using the current version of USPAP for this cycle.