The Appraisal Foundation’s (TAF) Appraisal Standards Board (ASB) has extended the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) by one year, TAF announced on its website. The 2020-2021 USPAP will now be effective until Dec.  31, 2022.

“USPAP has been a living document since its adoption in 1987. Initially, changes were being adopted so frequently, they were simply being added as inserts into a large binder. As time has progressed the updating cycle lengthened to one year and now two years,” ASB Chairman Wayne Miller said in a release. “Like every profession, COVID-19 has had an unprecedented impact on the appraisal profession and how we conduct day-to-day business. Pressing issues have arisen in our profession over the past year ranging widely from concerns about fair housing matters to how to conduct a socially distanced property inspection.

“USPAP is a maturing document, and it can take longer to study the complex issues facing our profession and how they will impact our standards. We believe all of these are all critical issues and deserve thoughtful consideration before we issue guidance,” Miller added.

“With that in mind, we have decided to extend the effective date of the current USPAP by one year. This will provide continuity to the profession during this pandemic while also giving the ASB the appropriate time to carefully examine the challenges facing our profession before offering additional guidance.”