Changes to the 2024 USPAP Improve Clarity Surrounding Nondiscrimination
Revising the ETHICS RULE with a Nondiscrimination section
To provide clarity and eliminate concerns, the ASB removed the previous ETHICS RULE language regarding supported and unsupported conclusions, and crafted a new Nondiscrimination section which clearly indicates to appraisers and stakeholders that discrimination is prohibited.
For 2024, the ASB has retired Advisory Opinion 16 (AO-16) and replaced it with two new Advisory Opinions, AO-39 and AO-40.
How do the USPAP revisions to the Nondiscrimination section affect appraisers?
Appraisers were also always prohibited from performing assignments with bias. These requirements are carried forward in the 2024 edition of USPAP. The primary difference is that the new USPAP contains clear and concise language regarding an appraiser’s ethical obligation not to engage in discrimination.
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My comments: Be sure to read this blog post. USPAP 2024 is effective January 1, 2024. You may, or may not, take the mandatory USPAP class prior to this date.
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NOTE: Please scroll down to read the other topics in this long blog post on Investigation of desktop appraisals, economic analysis, Bias, hybrid appraisals, unusual homes, mortgage origination stats, etc.