USPAP

The Appraisal Standards Board (ASB) voted on May 5, 2023, to adopt revisions to the Uniform Standards of Professional Appraisal Practice (USPAP). These changes are set to take effect on January 1, 2024. These will be the first updates to USPAP in four years. While many of the modifications may not drastically alter appraisers' practices, they hold importance in fostering public trust.

USPAP has long been subject to various misconceptions among both appraisers and the public. The alterations implemented in the 2024 USPAP aim to dispel five prevalent myths and misconceptions, contributing to a clearer understanding of the standards.