Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories.Click to see full answer. Also know, what is the purpose of Uspap?USPAP contains standards for all types of appraisal services including real property, personal property, business valuation and mass appraisal. The purpose of USPAP is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.Additionally, what standards guide the work of an appraiser? USPAP is a set of national Standards that is applicable for most U.S. appraisals. USPAP is developed by the Appraisal Standards Board (ASB) of The Appraisal Foundation. Standards 1 and 2 establish requirements for the development and reporting of a real property appraisal. Additionally, does Uspap require as value? Reality: USPAP does not use the phrase “as is value” (except in Statement 10, where it reiterates the appraisal requirements pursuant to FIRREA.) However, USPAP does require the appraiser to identify and report any hypothetical conditions (which would make the value opinion other than “as is.”)Who develops Uspap?USPAP is the abbreviation for Uniform Standards of Professional Appraisal Practice. The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, publishes, interprets and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services.
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