USPAP 2014-2015 Edition - Florida Real Estate Advisors

394 Pages·2013·7.54 MB·English

2014-2015 EDITION
UNIFORM STANDARDS OF
PROFESSIONAL APPRAISAL PRACTICE
2014-2015
USPAP
e
PLUS
Guidance from the Appraisal Standards Board
+ USPAP ADVISORY OPINIONS
+ USPAP FREQUENTLY ASKED QUESTIONS (FAQ)
electronic edition
ApprAisAl st AndArds BoArd
Effective January 1, 2014
through December 31, 2015
UNIFORM
STANDARDS OF
PROFESSIONAL
APPRAISAL
PRACTICE
2014-2015
EDITION
Published in the United States of America.
ISBN: 978-0-9798728-9-1
All rights reserved.
No parts of this publication may be reproduced, stored in a retrieval system,
or transmitted in any form or by any means, electronic, mechanical,
photocopy, recording or otherwise, without the prior written consent of the
publisher.
EFFECTIVE:
January 1, 2014 through
December 31, 2015
2014-2015 P
ublications
Uniform StandardS of ProfeSSional aPPraiSal Practice (USPaP)
The Financial Institutions Reform, Recovery and Enforcement Act
of 1989 recognizes USPAP as the generally accepted appraisal
standards and requires USPAP compliance for appraisers in
federally related transactions. State Appraiser Certification and
Licensing Boards, federal, state, and local agencies, appraisal
services, and appraisal trade associations require compliance
with USPAP.
Standards: Provide performance standards for real property,
mass, personal property appraisal and business valuation.
Statements: Clarify, interpret, explain, and elaborate on
appraisal standards.
Also, includes the following guidance from the Appraisal Standards Board (ASB):
Advisory Opinions: Offer advice and resolutions for appraisal issues and problems.
Frequently Asked Questions: A compilation of questions and responses regarding USPAP to be used
as a reference for appraisers and users of appraisal services.
2014-2015 USPAP is available in the following options:
• Paperback — Item No. 300 • $75 • ISBN 978-0-9798728-9-1
USPAP is also available in the following electronic formats:
• Flipbook - Item No. 301*
• PDF - Item No. 303*
• eBook for Kindle - Item No. 305*
• eBook for iPad, Nook or Sony Reader - Item No. 307*
* Electronic copies are available for downloading only at www.appraisalfoundation.org, click on
Foundation Store to see the full description. Cost: $60 each.
Order online at www.appraisalfoundation.org or call 800-348-2831
n usPaP c 2014-2015 e P
ational ourses lectronic ublications
15-HoUr national USPaP coUrSe
StUdent manUal
The National Uniform Standards of Professional Appraisal Practice
(USPAP) material is designed to aid appraisers in all areas of
appraisal practice seeking competency in the USPAP. This course
is intended to fulfill the 15-hour requirement as established by the
Appraiser Qualifications Board (AQB) of The Appraisal Foundation.
A copy of the 2014-2015 edition of USPAP should also
be purchased to accompany the student manual.
15-Hour National USPAP Course Student Manual
Item No. 302• $35.00
ISBN: 978-0-9892208-0-4
7-HoUr national USPaP UPdate coUrSe
StUdent manUal
The 7-hour course material focuses on the changes to the 2014-
2015 edition of the Uniform Standards of Professional
Appraisal Practice (USPAP). This course is intended to fulfill the
7-hour requirement as established by the Appraiser
Qualifications Board (AQB) of The Appraisal Foundation.
A copy of the 2014-2015 edition of USPAP should also
be purchased to accompany the student manual.
7-Hour National USPAP Update Course
Student Manual
Item No. 304 • $25.00
ISBN: 978-0-9892208-1-1
Order online at www.appraisalfoundation.org or call 800-348-2831
2014-2015 e P
lectronic ublications
The downloadable items listed below can only be ordered from the Foundation Store
at www.appraisalfoundation.org
e-Uniform StandardS of ProfeSSional
aPPraiSal Practice (USPaP)
Now you can purchase the 2014-2015 USPAP Electronically!
Right at your fingertips, you will have a searchable, indexed, user-friendly
reference to the Standards, Statements, Advisory Opinions and Frequently
Asked Questions.
E-USPAP Flipbook • Item No. 301 • $60.00
e-15-HoUr national USPaP coUrSe
The 15-Hour Student Manual is now available as a
downloadable PDF file. See book description under National
USPAP Course section.
E-15-Hour PDF • Item No. 309 • $30.00
e-7-HoUr national USPaP UPdate coUrSe
StUdent manUal
The 7-Hour Student Manual is now available as a downloadable
PDF file. See book description under National USPAP Course section.
E-7-Hour PDF • Item No. 311 • $20.00
SUbScriPtion Service
Receive updates about appraisal issues from the Appraisal Practices Board (APB),
Appraisal Standards Board (ASB) and the Appraiser Qualifications Board (AQB) via
your email account. This service includes the electronic PDF copy of the current edition of
USPAP. See full description under Subscription Service
E-Subscription Service • Item No. 148 • $99.00
Order online at www.appraisalfoundation.org or call 800-348-2831
s s
ubscriPtion ervice
Your Complete Appraisal Source. Keep informed of the current standards and qualifications. This service
provides all the vital information you need to stay on top of your profession. You’ll be the first to hear about
important issues impacting your business. You’ll receive updates about crucial appraisal issues from the
Appraisal Practices Board (APB), the Appraiser Qualifications Board (AQB) and the Appraisal Standards
Board (ASB) on a regular basis. And, with the subscription service, you have the opportunity to make com-
ments on important issues.
Y b
our enefits
• Uniform Standards of Professional Appraisal Practice (USPAP) and guidance material
• USPAP Question and Answer Bulletins
• APB, AQB and ASB Meeting Notices and Summaries
• APB, AQB and ASB Exposure Drafts of Action Proposal (for your review and comment)
•Revisions to Real Property Appraiser Qualifications Criteria (including new Interpretations and Guide Notes)
• Press Releases
You have the option of receiving this service through the mail or via an email address.
s s – P
ubscriPtion ervice aPer
(Includes paper copy of USPAP)
1 Year $150 (Item No. 071)
subscriPtion service – electronic*
(Includes electronic PDF copy of USPAP)
1 Year $ 99 (Item No. 148)
*Available from our web store only.
Order online at www.appraisalfoundation.org or call 800-348-2831
s h
hiPPing and andling
s d
tandard eliverY
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f W o
ive aYs to rder
1. Phone toll free 800.348.2831 or call 4. Online at the Foundation Store at
240.646.7010 www.appraisalfoundation.org
2. Fax your order form with credit card 5. Email your publication order form
information to 240.396.5695 with credit card information to
[email protected]
3. Mail your order form and payment to:
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Distribution Center
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Annapolis Junction, MD 20701-0381
Order online at www.appraisalfoundation.org or call 800-348-2831
t a f 2014-2015 P s
he PPraisal oundation ublications and ervices
2014-2015 PUBLICATIONS
ITEM No. PRODUCT COST PER MANUAL QUANTITY TOTAL
Uniform Standards of Professional Appraisal Practice (USPAP)
300
ISBN: 978-0-9798728-9-1
1-50 copies $75.00
51-250 copies $60.00
251 copies or more $50.00
15-Hour National USPAP Course Student Manual
302
ISBN: 978-0-9892208-0-4
1-100 copies $35.00
101-250 copies $28.00
251 copies or more $23.00
7-Hour National USPAP Update Course Student Manual
304
ISBN: 978-0-9892208-1-1
1-100 copies $25.00
101-250 copies $20.00
251 copies or more $17.00
2014-2015 SERVICES
ITEM No. PRODUCT COST PER MANUAL QUANTITY TOTAL
071 1 Year Subscription Service (Paper) $150.00
Publications and Services Subtotal: $
For more information on our electronic publications and services, please visit our
web site at www.appraisalfoundation.org, click on Foundation Store.
Order online at www.appraisalfoundation.org or call 800-348-2831
2014-2015 o f
rder orm
ORDER INFORMATION
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f W o
ive aYs to rder
1. Phone toll free 800.348.2831 or call 4. Online at the Foundation Store at
240.646.7010 www.appraisalfoundation.org
2. Fax your order form with credit card information 5. Email your publication order form with credit card
to 240.396.5695 information to [email protected]
3. Mail your order form and payment to:
The Appraisal Foundation
Distribution Center
P.O. Box 381
Annapolis Junction, MD 20701-0381
Order online at www.appraisalfoundation.org or call 800-348-2831
FOREWORD
FOREWORD
The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the
Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal
services. The 2014-2015 Edition of USPAP (2014-2015 USPAP) is effective January 1, 2014 through
December 31, 2015.
USPAP has five sections: DEFINITIONS, PREAMBLE, Rules, Standards and Standards Rules, and Statements
on Appraisal Standards. For convenience of reference, USPAP is published with this Foreword and a Table of
Contents. The publication also includes the Advisory Opinions and Frequently Asked Questions (FAQs) as
additional reference materials. These reference materials are forms of “Other Communications” provided by the
ASB for guidance only and are not part of USPAP.
It is important that individuals understand and adhere to changes that are adopted in each edition of USPAP.
State and federal regulatory authorities enforce the content of the current or applicable edition of USPAP.
History of USPAP
These Standards are based on the original Uniform Standards of Professional Appraisal Practice developed in
1986–87 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal
Foundation. The effective date of the original Uniform Standards was April 27, 1987. Prior to the establishment
of the ASB in 1989, USPAP had been adopted by major appraisal organizations in North America. USPAP
represents the generally accepted and recognized standards of appraisal practice in the United States.
At its organizational meeting on January 30, 1989, the Appraisal Standards Board unanimously approved and
adopted the original USPAP as the initial appraisal standards promulgated by the ASB. Portions of USPAP may
be amended, interpreted, supplemented, or retired by the ASB after exposure to the appraisal profession, users
of appraisal services, and the public in accordance with established rules of procedure.
Changes to USPAP
Over the years, USPAP has evolved in response to changes in appraisal practice. The ASB has developed a
process for developing both Standards and guidance based, in part, on written comments submitted in response
to exposure drafts and oral testimony presented at public meetings.
Guidance
The ASB issues guidance in the form of Advisory Opinions, USPAP Frequently Asked Questions (FAQ) and
periodic questions and responses “USPAP Q&A.” These communications do not establish new Standards or
interpret existing Standards and are not part of USPAP. They illustrate the applicability of Standards in specific
situations and offer advice from the ASB for the resolution of specific appraisal issues and problems.
The USPAP Q&A is published periodically and available on The Appraisal Foundation website. These
questions and responses are compiled and published in the USPAP Frequently Asked Questions.
©The Appraisal Foundation U-i