What is USPAP? ✔✔Uniform Standards of Professional Appraisal Practice Why was USPAP developed? ✔✔To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? ✔✔1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enforcement for state regulatory agencies. 4) Provides a reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers. What is the role of the Appraisal Standards Board (ASB) of The Appraisal Foundation? ✔✔To develop, interpret, and amend the Uniform Standards of Professional Appraisal Practice (USPAP). What are the five sections of USPAP? ✔✔Preamble Definitions Rules Standards (Including Standards Rules) Statements on Appraisal Standards (currently no active statements) Are the Advisory Opinions (AO) and the Frequently Asked Questions (FAQ) a part of USPAP? ✔✔NO. These are reference materials of "Other Communications". They are for guidance only. These communications do not establish new Standards or interpret existing Standards and are not a part of USPAP. Who enforces the adherence and content of USPAP? ✔✔State and Federal Regulatory Authorities Who appoints the ASB (Appraisal Standards Board)? ✔✔Members are appointed by the BOT (Board of Trustees) What is the purpose of USPAP? ✔✔The purpose is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. Who does the ASB (Appraisal Standards Board) promulgate USPAP for? ✔✔It is promulgated for both appraisers and users of appraisal services. What is the appraiser's responsibility? ✔✔It is to protect the overall public trust. How does USPAP address the ethical and performance obligations of appraisers? ✔✔USPAP addresses the ethical and performance obligations of appraisers through DEFINITIONS, RULES, STANDARDS, STANDARDS RULES, and STATEMENTS (there are currently no active statements). What do the DEFINITIONS portion of USPAP establish? ✔✔The DEFINITIONS establish the application of certain terminology in USPAP. What is the purpose of the ETHICS RULE? ✔✔The ETHICS RULE sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct. What does the RECORD KEEPING RULE establish? ✔✔The RECORD KEEPING RULE establishes the workfile requirements for appraisal and appraisal review assignments. What does the COMPETENCY RULE do? ✔✔The COMPETENCY RULE presents preassignment and assignment conditions for knowledge and experience. Wat does the SCOPE OF WORK RULE do? ✔✔The SCOPE OF WORK RULE presents obligations related to problem identification, research, and analysis. What doe the JURISDICTIONAL EXCEPTION RULE do? ✔✔The JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction. What is the purpose of the STANDARDS? ✔✔The STANDARDS establish the requirements for appraisal and appraisal review and the manner in which each is communicated. What is the purpose of STANDARDS 1 and 2? ✔✔STANDARDS 1 & 2 establishes requirements for the development and communication of a real property appraisal. What is the purpose of STANDARDS 3 and 4? ✔✔STANDARDS 3 and 4 establishes requirements for the development and communication of an appraisal review.