Appraisal Institute Discusses USPAP Changes

Paula Konikoff, JD, MAI, chair of the Appraisal Institute's Professional Standards and Guidance Committee recently discussed the 2014-15 USPAP updates, including the process the Appraisal Standards Board used to adopt the latest edition of USPAP, the new Report Options that will be part of the 2014-15 edition of USPAP, and other changes made that might impact appraisers.
The Appraisal Standards Board adopted the 2014-15 edition of the Uniform Standards of Professional Appraisal Practice, known as USPAP, in February of 2013.
Two report options will be presented in the 2014-15 edition of USPAP, thus making Standards 2 and 8 conform to the existing Standard 10:

• Appraisal Reports will have the same requirements as the current Summary Appraisal Report; and Restricted Appraisal Reports will have the same requirements as the current Restricted Use Appraisal Report.