What is the Uniform Standards of Appraisal Practice? USPAP
The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice in North America. USPAP contains standards for all types of appraisal services. Standards are included for real estate, personal property, business and mass appraisal
High points of the USPAP
An appraiser must perform assignments with impartiality, objectivity, and independence and without accommodation of personal interests.
An appraiser must not accept an assignment that includes the reporting of predetermined opinions and conclusions.
What is an appraisal?
A written analysis of the estimated value of a property, as prepared by a qualified appraiser
An opinion by a licensed real estate appraiser about the fair market value of a home.
Who owns the appraisal?
The Client owns the appraisal. The Client is the person or company identified in the appraisal report as the Client. The Client is identified at the time the appraisal is ordered, along with the scope of the assignment, the intended use, and the purpose of the appraisal assignment. The Client cannot be changed, once the appraisal report has been delivered to the Client.
New FHA guidelines:
As of January 1, 2006 FHA has changed some of the guidelines for FHA appraisals.
However please be aware that the repair of peeling paint on pre 1976 properties is still required.