What does the Uniform Standards of Professional Appraisal Practice (USPAP) govern?

The Uniform Standards of Professional Appraisal Practice (USPAP) governs the ethical and performance standards for appraisers in the United States. It provides a framework that all appraisers must follow to ensure their work is conducted with integrity, objectivity, and professionalism. USPAP addresses various facets of the appraisal process, including how appraisers should conduct themselves, the methods they should use, and the reporting of their findings. This is crucial because adherence to these standards helps maintain public trust in the appraisal profession by ensuring consistency and reliability in appraisal reports.

In contrast, licensing requirements for appraisers, financial reporting standards, and property types eligible for appraisal fall outside the direct purview of USPAP. Licensing requirements are managed by individual state regulatory agencies, financial reporting standards are governed by organizations such as the Financial Accounting Standards Board (FASB), and the types of properties that can be appraised are often determined by specific laws or regulations rather than USPAP itself. Thus, while there may be some overlap in the broader context of appraisal standards, USPAP's specific role centers around the ethical and professional expectations placed on appraisers.