Feb 04

USPAP – 2012-2013 Changes

The Appraisal Standards Board (ASB) 2012-13 modifications to USPAP become effective January 1, 2012. There are six modifications, revision number four to the signed certification statement will require modifications to the certification statement in reports.

This revision applies to all disciplines and appraisal reviews. The 2010-11 edition of USPAP initiated the requirement to disclose any services regarding the subject property performed by the appraiser within the prior three years in the report certification. Another requirement of USPAP is the appraiser must disclose in the certification either the presence or absence of any current or prospective interest regarding the subject or the parties involved. To improve consistency, for the 2012-13 edition of USPAP the ASB is requiring that prior service(s) regarding the subject property be treated similarly in the certification.

Therefore a statement similar in content to the following form must be in the certification: – I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

Revisions to USPAP for 2012-13 are:

  1. Revisions to DEFINITIONS of “Client,” “Extraordinary Assumptions,” and “Hypothetical Condition,” as well as a new definition of “Exposure Time”;
  2. Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE;
  3. Revisions Relating to Development and Disclosure of Exposure Time Opinion
  4. Revisions to Standards Rules 2-3, 3-6, 5-3, 6-9, 8-3 and 10-3 (signed certification statement)
  6. Revisions to Advisory Opinion 21, USPAP Compliance
    The Appraisal Foundation issued the following press release and link to a video discussing the changes made to USPAP for the 2012-13 edition.
    The Appraisal Foundation is pleased to announce the release of a free video on its web site entitled, A Preview of Changes to the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP).

The video, shot on location at the Foundation’s headquarters, is a 23 minute interview with the 2011 Chair and Vice Chair of the Appraisal Standards Board (ASB), J. Carl Schultz, Jr. and Barry Shea, respectively. A PowerPoint presentation is available for simultaneous viewing as well. Please visit the following link to access the video on the Foundation’s eLibrary:
Click here for more info.