Appraisal and Valuation Professional Standards
In the appraisal profession there are many standards a certified valuation can adhere to. One of the oldest and most widely accepted is called the Uniform Standards of Professional Appraisal Practice (USPAP).
The Uniform Standards of Professional Appraisal Practice
USPAP contains the generally accepted standards for professional appraisal practice in North America, as 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.
- Standard 3 establishes requirements for development and reporting of an appraisal review assignment involving a real property or personal property appraisal.
- Standards 4 and 5 establish requirements for the development and reporting of real property consulting assignments.
- Standard 6 establishes requirements for the developments and reporting of mass appraisals.
- Standards 7 and 8 establish requirements for the development and reporting of personal property appraisals.
- Standards 9 and 10 establish requirements for the development and reporting of business or intangible asset appraisals.
USPAP also includes 10 Statements on Appraisal Standards which clarify, interpret, explain, or elaborate on a Standards Rule and that have the full weight of a Standards Rule. As well, USPAP contains 32 Advisory Opinions that illustrate the applicability of appraisal standards in specific situations and offer advice from the ASB for the resolution of appraisal issues and problems. Advisory Opinions do not establish or interpret existing standards.
International Valuation Standards (IVS)INTERNATIONAL VALUATION STANDARDS (IVS)
IVS, as developed by the International Valuation Standards Council (IVSC), has been adopted or recognized by many valuation institutes, user groups, and financial regulators around the world.