The Uniform Standards of Professional Appraisal Practice (USPAP) are the quality control standards for real property appraisal analysis and reports. USPAP was developed in the 1980s by a joint committee representing the major U.S. and Canadian appraisal organizations. As a result of the savings and loan crisis, the Appraisal Foundation (TAF) was formed by these same groups, with support and input from major industry and educational groups, and TAF took over administration of USPAP.
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) 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.
TAF carries out its work through two divisions – the Appraisal Standards Board (ASB) and the Appraisal Qualifications Board (AQB). The latter group sets forth minimum qualifications for appraiser licensing, and its work has been adopted by all states and territories. The ASB maintains USPAP, and issues updates in January of even numbered years. The current version of USPAP is available at www.appraisalfoundation.org.
All US states and territories require the licensing of appraisers for valuation work performed for federally regulated institutions.
As part of the continuing education requirement for licensed real estate appraisers, the Louisiana Real Estate Appraisers Board requires completion of the 15-hour national USPAP course, or its equivalent, during each license period. In an effort to assist licensees in meeting this requirement, the board typically schedules at least two annual presentations of USPAP.