Real Estate Appraiser
01-21-2006, 04:32 PM
Uniform Standards of Professional Appraisal Practice
In the United States, the rules of real estate appraisal are codified in the Uniform Standards of Professional Appraisal Practice (USPAP)developed by the Appraisal Standards Board which is authorized by Congress as the source of appraisal standards. USPAP guidelines set standards for real estate appraisal practice in the United States. USPAP was developed after the Savings and Loan scandal of the late 1980s when real estate appraisal in some states was essentially an unregulated industry.
Government regulations such as the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) called for stricter guidelines on the appraisal industry. USPAP was developed to protect lenders against unethical and incompetent appraisers.
In the US, the appraisal licensing of individuals is left to the states. However all appraisals for a "Federally Related Transaction" must be performed by an appraiser with the appropriate type of license, and conform to USPAP. The individual states decide if licensing is required for other types of appraisals.
The largest and most influential professional organization of real estate appraisers in America is The Appraisal Institute.
In the United States, the rules of real estate appraisal are codified in the Uniform Standards of Professional Appraisal Practice (USPAP)developed by the Appraisal Standards Board which is authorized by Congress as the source of appraisal standards. USPAP guidelines set standards for real estate appraisal practice in the United States. USPAP was developed after the Savings and Loan scandal of the late 1980s when real estate appraisal in some states was essentially an unregulated industry.
Government regulations such as the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) called for stricter guidelines on the appraisal industry. USPAP was developed to protect lenders against unethical and incompetent appraisers.
In the US, the appraisal licensing of individuals is left to the states. However all appraisals for a "Federally Related Transaction" must be performed by an appraiser with the appropriate type of license, and conform to USPAP. The individual states decide if licensing is required for other types of appraisals.
The largest and most influential professional organization of real estate appraisers in America is The Appraisal Institute.