Home Appraisal FAQs - Appraisals What is USPAP (Uniform Standards of Appraisal Practice) and its origin?
What is USPAP (Uniform Standards of Appraisal Practice) and its origin?

USPAP - Uniform Standards of Professional Appraisal PracticeUniform Standards of Professional Appraisal Practice (USPAP) can best be described as the quality control and operations manual of the appraisal industry in the United States and its territories. USPAP was first developed in the 1980's by a joint committee representing the major U.S. and Canadian appraisal organizations.

Resulting from the Savings and Loan Crisis, the Appraisal Foundation (TAF) was formed by these same groups, along with support and input from major industry and educational groups, and took over administration of USPAP.The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989 authorized the Appraisal Subcommittee (ASC), which is made up of representatives of the leading U.S. government agencies and non-governmental organizations empowered, to oversee the U.S. mortgage and banking system. The ASC provides oversight to TAF.

The Appraisal Foundation (TAF) carries out its work through two divisions; the Appraisal Standards Board (ASB) and the Appraisal Qualifications Board (AQB). The AQB sets forth minimum qualifications for appraisal licensure, and its work has been adopted by all states and territories. The ASB maintains USPAP, and issues updates in January of even numbered years.

Additional information can be found at ASB, Uniform Standards of Professional Appraisal Practice (USPAP).

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