USPAP Third Exposure Draft Available
The Third Exposure Draft of proposed changes to USPAP is now available for review and comment.
All of the proposed revisions to USPAP which were covered in the Second Exposure Draft are still under consideration, including the following:
· Standards Rule 8-2 – these revisions are largely semantic and simply provide further clarity in their guidance regarding information about the intended users to be included in an Appraisal Report and a Restricted Appraisal Report
· New language related to signing the Certification, specifically regarding electronic signatures
· Amendments to the definitions of appraiser, assignment elements, and personal inspection
· Significant appraisal assistance, state, and summarize will be new definitions, if adopted
he Second Exposure Draft can be read in its entirety here:
The main issue addressed in the Third Exposure Draft is the addition of a nondiscrimination section to the Ethics Rule. Paraphrasing from the Draft itself: after considerable time spent consulting with some of the nation's foremost fair housing experts, the ASB has proposed changes to the ETHICS RULE. These changes, if adopted, would make it clear that a violation of applicable antidiscrimination laws, such as the Fair Housing Act and the Equal Credit Opportunity Act, is not just a violation of the COMPETENCY RULE, but is also a violation of the ETHICS RULE.
Comments on the Third Exposure Draft must be submitted to the Appraisal Standards Board, in writing, by September 24, 2022. To do so, simply follow the link within the Draft itself.