The Appraisal Standards Board (ASB) recently announced it plans to release a Fifth Exposure Draft of proposed changes to the Uniform Standards of Professional Appraisal Practice (USPAP) following feedback from appraisers, regulators and the public. The ASB stated it will continue work to clarify the Ethics Rule, according to a release.
“The public comments we receive on every exposure draft are invaluable in helping us draft standards,” ASB Chair Michelle Czekalski Bradley said in the release. “Based on feedback we received from appraisers, federal regulators and consumer groups, the ASB has decided a Fifth Exposure Draft is needed to ensure that revisions to the Ethics Rule are clear and enforceable. In addition, we will release the accompanying guidance to the Ethics Rule in conjunction with the Fifth Exposure Draft in response to requests in multiple letters. Our hope is that this will help stakeholders better evaluate the proposed revisions to the Ethics Rule.
“This Fifth Exposure Draft underscores the importance of input from the public on every draft our board produces,” Czekalski Bradley added. “We look forward to hearing from all our stakeholders in the coming months as we continue our work to adopt a new edition of USPAP that will do its part to help rebuild public trust in the appraisal profession."
All exposure drafts are developed by the ASB and released for public comment. Successive exposure drafts are updated and released based on public comments on previous drafts.
The ASB will announce when the next exposure draft is available, including a public comment deadline and webinar to outline the proposed changes.