IMPORTANT USPAP CHANGES EFFECTIVE JANUARY 1, 2010

As a reminder, the 2010-11 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) becomes effective on January 1, 2010.  Therefore, we want to take this opportunity to strongly encourage all appraisers to review the Appraisal Standards Board’s 2009 Summary of Actions document, which can be downloaded from our website by clicking on the following link: http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=3&DID=1359&DOC=FILE.PDF.

We also wish to highlight one particular revision to USPAP that will affect each assignment starting in 2010.  As stated on pages 3 and 4 of the above-referenced document, appraisers will be required to disclose to their client, prior to engagement (as well as within the certification of the report):

“Any services regarding the subject property performed by the appraiser within the prior three years, as an appraiser or in any other capacity.”

Because there have been questions from appraisers and users of appraisal services regarding this particular new requirement, the Appraisal Standards Board issued a series of questions and answers in its April 2009 USPAP Q&A document.  This document can also be downloaded from our website by clicking on the following link: http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=12&DID=1351&DOC=FILE.PDF.  The Board will also add additional Q&A’s for publication this month on this same topic