As our frequent guest blogger, Leon Castner, recently wrote for the NAJA newsletter, the "new" version of the Uniform Standards of Professional Appraisal Practice (USPAP) go into effect on January 1, 2024.
The updates adopted after five exposure drafts have little effect on personal property appraisers, but there has been an extensive rewriting of the Ethics Rule in order to address the important issues of bias and discrimination.
Other updates include:
clarification of the use of the words "transfer" and "sale" in Standard 7-5 and Standard 8-2
deletion of terms "assignment elements," "misleading," and "relevant characteristics"
modification of definitions of "appraiser," "personal inspection," and "workfile"
minor semantic revision of a comment in Standard 8-3 from "...a summary..." to "...the description..."
Advisory Opinion 2 (Inspection of Personal Property) was revised due to the modification of the definition of "personal inspection"
Advisory Opinion 16 was retired (Fair Housing Laws and Appraisal Report Content)
NAJA Members may click below to read Leon's full article in the Q3 Newsletter:
This edition of USPAP will not have an expiration date, as previous editions had, but instead will be updated only when it is deemed necessary. Another change for 2024 is the division of the Standards from the Advisory Opinions and FAQs, into two separate volumes.
You may order print and digital copies of the new USPAP from the Appraisal Foundation by clicking the button below:
