U.S. Markets closed
  • S&P Futures

    3,929.50
    +7.00 (+0.18%)
     
  • Dow Futures

    32,007.00
    +91.00 (+0.29%)
     
  • Nasdaq Futures

    13,320.75
    +18.75 (+0.14%)
     
  • Russell 2000 Futures

    2,297.70
    +12.60 (+0.55%)
     
  • Crude Oil

    63.41
    +0.19 (+0.30%)
     
  • Gold

    1,794.50
    -3.40 (-0.19%)
     
  • Silver

    28.16
    +0.23 (+0.81%)
     
  • EUR/USD

    1.2170
    +0.0001 (+0.0122%)
     
  • 10-Yr Bond

    1.3890
    +0.0270 (+1.98%)
     
  • Vix

    21.34
    -1.77 (-7.66%)
     
  • GBP/USD

    1.4141
    0.0000 (-0.0000%)
     
  • USD/JPY

    106.0000
    +0.1180 (+0.1114%)
     
  • BTC-USD

    50,357.38
    -7.31 (-0.01%)
     
  • CMC Crypto 200

    1,004.72
    -10.19 (-1.00%)
     
  • FTSE 100

    6,658.97
    +33.03 (+0.50%)
     
  • Nikkei 225

    30,156.48
    +484.78 (+1.63%)
     

BREAKING: 2020-21 USPAP Extended for One Year

·2 min read

WASHINGTON, Feb. 19, 2021 /PRNewswire/ -- The Appraisal Foundation's Appraisal Standards Board (ASB) announced today that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will be extended by one year. The 2020-2021 USPAP will now be effective until December 31, 2022.

The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the Congressionally-authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals, including personal property appraisers and business valuation. This work advances the profession by ensuring appraisals are independent, impartial, and objective. appraisalfoundation.org (PRNewsfoto/The Appraisal Foundation)
The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the Congressionally-authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals, including personal property appraisers and business valuation. This work advances the profession by ensuring appraisals are independent, impartial, and objective. appraisalfoundation.org (PRNewsfoto/The Appraisal Foundation)

"USPAP has been a living document since its adoption in 1987. Initially, changes were being adopted so frequently, they were simply being added as inserts into a large binder. As time has progressed the updating cycle lengthened to one year and now two years. Like every profession, COVID-19 has had an unprecedented impact on the appraisal profession and how we conduct day to day business. Pressing issues have arisen in our profession over the past year ranging widely from concerns about fair housing matters to how to conduct a socially distanced property inspection. USPAP is a maturing document, and it can take longer to study the complex issues facing our profession and how they will impact our standards. We believe all of these are all critical issues and deserve thoughtful consideration before we issue guidance," said ASB Chair Wayne Miller.

"With that in mind, we have decided to extend the effective date of the current USPAP by one year. This will provide continuity to the profession during this pandemic while also giving the ASB the appropriate time to carefully examine the challenges facing our profession before offering additional guidance."

To learn more about this announcement, please visit The Appraisal Foundation website, appraisalfoundation.org or click here to read our Frequently Asked Questions, including how this decision impacts continuing education courses.

Media Contact:
Amy Timmerman
(202) 624-3048
amy@appraisalfoundation.org

Cision
Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/breaking-2020-21-uspap-extended-for-one-year-301231867.html

SOURCE The Appraisal Foundation