Appraisal Standards, Ethics, and USPAP
USPAP framework
USPAP contains Standards (development and reporting rules) and Standards Rules (ethics, competency, scope of work, jurisdiction exception). Key standards: Standard 1 (real property development), Standard 2 (real property reporting), Standard 3 (review), and Standards 7 and 8 (personal property). The Competency Rule requires the appraiser to have the knowledge and experience - or disclose the lack and take steps to gain competency.
Ethics Rule
The Conduct section prohibits accepting an assignment contingent on a predetermined value, misrepresenting, or communicating assignment results improperly. Management and Confidentiality sections govern recordkeeping and disclosure. Trap: confusing a permissible hypothetical condition with an impermissible assumption of a known false fact.
Reporting options
Appraisal Report and Restricted Appraisal Report differ in the depth of disclosure, not in the development work required.
California overlay
California appraisers must follow BREA licensing rules and the California Real Estate Appraisers Licensing and Certification Law. Federally related transactions require a state-certified or licensed appraiser. Know the difference between USPAP and California law - California may impose stricter licensing and disciplinary requirements.
Rule of thumb
If a client asks you to "hit a number," the answer is always no under the Ethics Rule - and accepting such an assignment is itself a violation.