The Appraisal Standards Board (ASB) of the Appraisal Foundation creates, revises, and disseminates the Uniform Standards of Professional Appraisal Practice (USPAP) to ensure standardized, quality valuation practices in real estate.
A Certified General Appraiser is a professional authorized to appraise any property type under state certification laws, ensuring compliance with the Appraisal Foundation's standards.
The Departure Provision, formerly found in the Uniform Standards of Professional Appraisal Practice (USPAP), allowed appraisers to depart from specific requirements given that the departure did not result in misleading assignments. However, this provision was replaced with the Scope of Work rule, emphasizing transparency in how an appraisal is conducted.
A Registered Trainee Appraiser, often referred to as an 'apprentice' or 'trainee,' is a designation in the appraisal industry requiring 75 hours of precertification education, including training in the Uniform Standards of Professional Appraisal Practice (USPAP), but does not require an exam or prior experience.
The Scope of Work is a detailed explanation of the work program undertaken to conduct an appraisal assignment, outlining the research and methods used. It is required by the Uniform Standards of Professional Appraisal Practice (USPAP).
Uniform Standards of Professional Appraisal Practice (USPAP) is a set of requirements covering ethics, record keeping, research, and reporting promulgated by the Appraisal Foundation, and adhered to by its members.
A set of standards that guide professional appraisal practice in the United States and help ensure that appraisals are conducted consistently and ethically.
