2016-2017 USPAP - appraisertom.com

1 2016 - 2017 EDITION. 2016 - 2017 . UNIFORM STANDARDS OF. PROFESSIONAL APPRAISAL PRACTICE. Effective January 1, 2016 through December 31, 2017 . PLUS. Guidance from the Appraisal Standards Board + USPAP ADVISORY OPINIONS. + USPAP FREQUENTLY ASKED QUESTIONS (FAQ). electronic edition APPRAISAL STANDARDS BOARD. This is a retail version for 2016 - 2017 USPAP . Unauthorized reproduction and distribution are not permitted UNIFORM. STANDARDS OF. PROFESSIONAL. APPRAISAL. PRACTICE. 2016 - 2017 . EDITION. Published in the United States of America. ISBN: 978-0-9892208-2-8. 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, 2016 through December 31, 2017 . This is a retail version for 2016 - 2017 USPAP . Unauthorized reproduction and distribution are not permitted The Appraisal Foundation has developed a series of courses related to the 2016 - 2017 EDITION.

2 Uniform Standards of Professional Appraisal Practice ( USPAP ). These courses are available for several appraisal disciplines: Business Valuation, Personal Property, Mass Appraisal and Real Property. 2016 - 2017 . UNIFORM STANDARDS OF. PROFESSIONAL APPRAISAL PRACTICE. Please contact your educational provider for a schedule of course offerings. Effective January 1, 2016 through December 31, 2017 . PLUS. Guidance from the Appraisal Standards Board + USPAP ADVISORY OPINIONS. + USPAP FREQUENTLY ASKED QUESTIONS (FAQ). 15-Hour USPAP Courses APPRAISAL STANDARDS BOARD. 15-Hour National USPAP Course (Real Property). 15-Hour Personal Property USPAP Course 15-Hour Business Appraisal USPAP Course 7-Hour USPAP Courses 7-Hour National USPAP Update Course (Real Property). 7-Hour Residential Review and Compliance Course (Real Property). 7-Hour USPAP Update Course for Mass Appraisal 7-Hour USPAP Update Course for Personal Property ABOUT THE APPRAISAL FOUNDATION. The Appraisal Foundation is the nation's foremost authority on the valuation profession.

3 The organization sets the Congressionally-authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring appraisals are independent, consistent, and objective. More information on The Appraisal Foundation is available at CONNECT WITH US. This is a retail version for 2016 - 2017 USPAP . Unauthorized reproduction and distribution are not permitted 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 2016 - 2017 Edition of USPAP ( 2016 - 2017 USPAP ) is effective January 1, 2016 through December 31, 2017 . USPAP has five sections: DEFINITIONS, PREAMBLE, Rules, Standards (including Standards Rules), and Statements on Appraisal Standards (there are currently no active Statements).

4 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.

5 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.

6 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 i This is a retail version for 2016 - 2017 USPAP . Unauthorized reproduction and distribution are not permitted FOREWORD. Contacting the Appraisal Standards Board The ASB invites questions about USPAP , commentary on USPAP and proposed changes to USPAP from all interested parties, including appraisers, state enforcement agencies, users of appraisal services, and the public. If you have any comments, questions, or suggestions regarding USPAP , please contact the ASB. Appraisal Standards Board The Appraisal Foundation 1155 15th Street, NW, Suite 1111.

7 Washington, DC 20005. Phone: 202-347-7722. Fax: 202-347-7727. E-Mail: ii The Appraisal Foundation This is a retail version for 2016 - 2017 USPAP . Unauthorized reproduction and distribution are not permitted FOREWORD. 2015 APPRAISAL STANDARDS BOARD MEMBERS. Barry J. Shea Chair Margaret A. Hambleton Vice Chair Patricia H. Atwood Steven H. Berg Theddi Wright Chappell David Hundrieser R. Lee Robinette J. Carl Schultz, Jr. (The 2016 - 2017 USPAP was adopted by the 2015 Appraisal Standards Board on February 6, 2015.). 2014 APPRAISAL STANDARDS BOARD MEMBERS. Barry J. Shea Chair J. Carl Schultz, Jr. Vice Chair Dennis L. Badger Steven H. Berg Theddi Wright Chappell Margaret A. Hambleton Richard Knitter R. Lee Robinette The Appraisal Foundation iii This is a retail version for 2016 - 2017 USPAP . Unauthorized reproduction and distribution are not permitted FOREWORD. Past Appraisal Standards Board Officers and Members 1989 Board Members 1996 Board Members 2002 Board Members Charles B.

8 Akerson - Chair W. David Snook - Chair Danny K. Wiley - Chair John J. Leary - Vice Chair Laurie Van Court - Vice Chair Lawrence E. Ofner - Vice Chair Sherwood Darington Stephanie Coleman Carla G. Glass Daniel A. Dinote, Jr. Tim Leberman Thomas O. Jackson John L. Gadd Kenneth J. Kaiser 1997 Board Members Richard A. Southern 1990 Board Members W. David Snook - Chair John J. Leary - Chair Laurie Van Court - Vice Chair 2003 Board Members Sherwood Darington - Vice Chair Stephanie Coleman Danny K. Wiley - Chair Daniel A. Dinote, Jr. Kenneth J. Kaiser Lawrence E. Ofner - Vice Chair John L. Gadd Tim Leberman Gregory J. Accetta Charles B. Akerson Carla G. Glass 1998 Board Members Paula K. Konikoff 1991 Board Members Tim Leberman - Chair Dawn M. Molitor-Gennrich John J. Leary - Chair Kenneth J. Kaiser - Vice Chair Sherwood Darington - Vice Chair Stephanie Coleman 2004 Board Members Daniel A. Dinote, Jr. Yale Kramer Danny K. Wiley - Chair John L. Gadd W. David Snook Carla G.

9 Glass - Vice Chair Charles B. Akerson Laurie Van Court Gregory J. Accetta Paula K. Konikoff 1992 Board Members 1999 Board Members Dawn M. Molitor -Gennrich John J. Leary - Chair Kenneth J. Kaiser - Chair Lawrence E. Ofner Sherwood Darington - Vice Chair Tim Leberman - Vice Chair Daniel A. Dinote, Jr. Yale Kramer 2005 Board Members John L. Gadd Lawrence E. Ofner Carla G. Glass - Chair Ritch LeGrand W. David Snook Gregory J. Accetta - Vice Chair Laurie Van Court James D. Cannon 1993 Board Members Paula K. Konikoff Ritch LeGrand - Chair 2000 Board Members Dawn M. Molitor-Gennrich Sherwood Darington - Vice Chair Kenneth J. Kaiser - Chair Danny K. Wiley Daniel A. Dinote, Jr. Yale Kramer John L. Gadd Lawrence E. Ofner 2006 Board Members John J. Leary W. David Snook Gregory J. Accetta - Chair Richard A. Southern Paula K. Konikoff - Vice Chair 1994 Board Members Laurie Van Court James D. Cannon *No Vice Chair Carla G. Glass Sherwood Darington - Chair Dawn M. Molitor-Gennrich Daniel A.

10 Dinote, Jr. - Vice Chair William J. Pastuszek, Jr. Tim Leberman 2001 Board Members Danny K. Wiley John J. Leary Kenneth J. Kaiser - Chair Ritch LeGrand Richard A. Southern - Vice Chair 2007 Board Members Thomas O. Jackson Gregory J. Accetta - Chair 1995 Board Members Carla G. Glass Noreen Dornenburg - Vice Chair Sherwood Darington - Chair Lawrence E. Ofner Paula K. Konikoff Tim Leberman - Vice Chair Danny K. Wiley Dawn M. Molitor-Gennrich Daniel A. Dinote, Jr. William J. Pastuszek, Jr. W. David Snook William Henry Riley III. Laurie Van Court iv The Appraisal Foundation This is a retail version for 2016 - 2017 USPAP . Unauthorized reproduction and distribution are not permitted FOREWORD. Past Appraisal Standards Board Officers and Members - Continued 2008 Board Members Sandra Guilfoil - Chair Paula K. Konikoff - Vice Chair Gregory J. Accetta Richard L. Borges II. Richard Knitter William Henry Riley III. 2009 Board Members Sandra Guilfoil - Chair J. Carl Schultz, Jr.