The
Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice in North America. USPAP contains standards for all types of appraisal services, guidelines adopted by DomainConsultant with independet compliance verification by Seiler & Associates, PLLC.
- their report is included with each S&F Report.
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions. State Appraiser Certification and Licensing Boards; federal, state, and local agencies, appraisal services; and appraisal trade associations require compliance with USPAP.
While the ASA provides principles for our APPRAISERS, USPAP lays out standards for S&F APPRAISAL REPORTS.
Each S&F Report is designed to conform to these standards, assurance provided by various layers and figures, checks and balances as well as the appraisers themselves - held to conduct principles established in the ASA code.
Conduct
- An appraiser must perform assignments ethically and competently, in accordance with USPAP.
- An appraiser must not engage in criminal conduct.
- An appraiser must perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests.
- An appraiser must not advocate the cause or interest of any party or issue.
- An appraiser must not accept an assignment that includes the reporting of predetermined opinions and conclusions.
- An appraiser must not communicate assignment results in a misleading or fraudulent manner. An appraiser must not use or communicate a misleading or fraudulent report or knowingly permit an employee or other person to communicate a misleading or fraudulent report.
- An appraiser must not use or rely on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value.
Confidentiality
- An appraiser must perform assignments ethically and competently, in accordance with USPAP.
- An appraiser must not engage in criminal conduct.
- An appraiser must perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests.
- An appraiser must not advocate the cause or interest of any party or issue.
- An appraiser must not accept an assignment that includes the reporting of predetermined opinions and conclusions.
- An appraiser must not communicate assignment results in a misleading or fraudulent manner. An appraiser must not use or communicate a misleading or fraudulent report or knowingly permit an employee or other person to communicate a misleading or fraudulent report.
- An appraiser must not use or rely on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value.
Record Keeping
An appraiser must prepare a workfile for each appraisal, appraisal review, or appraisal consulting assignment. The workfile must include:
- the name of the client and the identity, by name or type, of any other intended users;
- true copies of any written reports, documented on any type of media;
- summaries of any oral reports or testimony, or a transcript of testimony, including the appraiser’s signed and dated certification; and
- all other data, information, and documentation necessary to support the appraiser’s opinions and conclusions and to show compliance with this Rule and all other applicable Standards, or references to the location(s) of such other documentation.
An appraiser must retain the workfile for a period of at least five (5) years after preparation or at least two (2) years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last.
An appraiser must have custody of his or her workfile, or make appropriate workfile retention, access, and retrieval arrangements with the party having custody of the workfile.
Additional highlighted and discussed codes
For additional information on appraiser principles and ethics:
For full principles and code, visit http://www.appraisers.org and http://www.appraisalfoundation.org
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