Uniform Standards of Professional Appraisal Practice
- Uniform Standards of Professional Appraisal Practice
Uniform Standards of Professional Appraisal Practice ( USPAP)
Appraisal requirements published by the Appraisal Foundation. Prior to 1994, USPAP rules were included as an appendix to the Uniform Real Estate Appraisal Rule published by the four federal financial institution regulators. Since 1994, USPAP rules are referenced in the bank regulations but not provided in any form. Comments published with the 1994 amendments to the bank regulations indicate that readers are expected to assume that all references to USPAP in the regulations are references to the most current version of USPAP then available. American Banker Glossary
Financial and business terms.
2012.
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Uniform Standards of Professional Appraisal Practice — can be thought of as the quality control standards applicable for appraisal analysis and reports in the United States and its territories. USPAP, as its commonly known, was first developed in the 1980s by a joint committee representing the major… … Wikipedia
Appraisal Standards Board — 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. (Cite the forward to USPAP… … Wikipedia
Real estate appraisal — Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value. The need for appraisals arises from the heterogeneous nature of property as an… … Wikipedia
The Appraisal Foundation — (TAF) [http://www.appraisalfoundation.org/ home page of the The Appraisal Foundation, a private, not for profit corporation] ] located in Washington, D.C., was formed in 1987 by eight major appraisal organizations (see History below) to help… … Wikipedia
complete appraisal — A term used in the Uniform Standards of Professional Appraisal Practice ( USPAP) requirements for real estate appraisals. Synonymous with an appraisal as defined by the Federal appraisal regulations for real estate pledged to secure loans. A… … Financial and business terms
limited appraisal — One of two types of appraisals defined by the Uniform Standards of Professional Appraisal Practice ( USPAP). Under USPAP, a limited appraisal may be performed when the appraiser invokes a USPAP provision that it calls the departure provision.… … Financial and business terms
restricted appraisal reports — One of three types of real estate appraisal reports defined under Uniform Standards of Professional Appraisal Practice ( USPAP) rules. A restricted appraisal report is the least detailed of the three report formats. Given a bank s need to meet… … Financial and business terms
self-contained appraisal report — One of three types of real estate appraisal reports defined under Uniform Standards of Professional Appraisal Practice rules. A self contained appraisal report is the most detailed of the three report formats. American Banker Glossary … Financial and business terms
summary appraisal report — One of three types of real estate appraisal reports defined under Uniform Standards of Professional Appraisal Practice rules. A summary appraisal report provides the middle level of detail of the three report formats. American Banker Glossary … Financial and business terms
USPAP — Uniform Standards of Professional Appraisal Practice (USPAP) Appraisal requirements published by the Appraisal Foundation. Prior to 1994, USPAP rules were included as an appendix to the Uniform Real Estate Appraisal Rule published by the four… … Financial and business terms
