Five USPAP Myths Dispelled in 2024 USPAP
By Daniel A. Bradley, SRA, CDEI, McKissock Learning
On May 5, 2023, the Appraisal Standards Board (ASB) voted to adopt changes to the Uniform Standards of Professional Appraisal Practice (USPAP), which will become effective January 1, 2024. These represent the first changes to USPAP in four years. Many of the changes will not have a significant impact on the way appraisers practice but are nevertheless important for public trust.
Appraisers and the public have traditionally held several misconceptions about USPAP, and these changes should help to dispel some of those myths. There are five myths and misconceptions that are addressed in the changes to the 2024 USPAP.
- Myth 1: USPAP Allows Discrimination as Long as the Appraiser’s Conclusions are Supported
- Myth 2: The Removal of the Definition of Misleading from USPAP Reduces Liability for Appraisers
- Myth 3: An Inspection of the Subject Property by a Third Party is the Equivalent of a Personal Inspection by an Appraiser
- Myth 4: Appraisers are not Required to Analyze Prior Non-Sale Transfers of the Subject Property
- Myth 5: The USPAP Update Course Cycle is the Same as the USPAP Publication Cycle
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My comments: It’s worth reading, especially if you do residential lender appraisals. Lender issues are a significant factor in USPAP and Myths 1 to 4. I suppose it is because most appraisals are done (now) for residential lending purposes. Many thanks to Dan Bradley for writing about the 2024 USPAP changes.
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