To what standards and rules must appraisers adhere?
Appraisal Standards Board (ASB) The ASB sets forth the rules for developing an appraisal and reporting its results. Additionally, it promotes the use, understanding, and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP). FIRREA requires that real estate appraisals, used in conjunction with federally-related transactions, be performed in accordance with USPAP. More than 80,000 state certified and licensed appraisers are currently required to adhere to USPAP. USPAP contains the recognized standards of practice for real estate, personal property, and business appraisal. The authority of USPAP extends beyond FIRREA. Since 1992, the Office of Management and Budget (OMB) has required federal land acquisition and direct lending agencies to use appraisals in conformance with USPAP.
Related Questions
- Does the Bureau of Appraisal require appraisers to adhere to the Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA or "Yellow Book")?
- Does the Bureau of Appraisal require appraisers to adhere to the Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA or Yellow Book)?
- To what standards and rules must appraisers adhere?
