USPAP study guide
USPAP · Work through your exam, one topic at a time.
USPAP - the Uniform Standards of Professional Appraisal Practice - is the body of standards that governs how appraisals are developed and reported in the United States. It is maintained by The Appraisal Foundation, which describes itself as "Authorized by Congress as the Source of Appraisal Standards and Appraiser Qualifications." The National USPAP Examination, formally the National Uniform Licensing and Certification Examination, is one of the criteria administered through the Foundation's Appraiser Qualifications Board and is used within the credentialing process that state appraiser regulatory agencies oversee. The USPAP study guide has 5 sections and about 1,653 words.
01Preamble, Ethics Rule, and Definitions
The Preamble states USPAP's purpose: to promote and maintain public trust in appraisal practice by establishing requirements for appraisers. It frames USPAP as minimum requirements for process, disclosure, and credibility - not a methodology manual.
336 words, about 2 min02Standard 1 - Real Property Appraisal, Development
Standards Rule 1-1 sets the sequence: identify the problem, determine scope of work, collect and analyze data, apply the approaches to value, and reconcile into a credible opinion. 1-2 Problem identification - client and intended users, intended use, type of value, effective date, subject property, assignment conditions, extraordinary assumptions.
345 words, about 2 min03Standard 2 - Real Property Appraisal, Reporting
Standards Rule 2-1: each report must be clear, not misleading, and must state the scope of work actually performed. 2-2 lists required content: client and intended users, intended use, purpose, effective date, property identification, type and definition of value, scope of work, and enough information for the intended user to understand the analysis.
337 words, about 2 min04Standards 3 through 10 - Review, Consulting, Mass Appraisal, Personal Property, Business Valuation
Standards 3 through 10 carry the same obligations - problem identification, scope of work, credible analysis, clear reporting - into other practice types. Appraisal review (Standard 3).
296 words, about 1 min05Competency Rule, Jurisdictional Exception Rule, and Supplemental Standards
Before accepting, the appraiser must determine whether the assignment can be performed competently - knowledge of the property type, the market, the analytical method, and the relevant law. If not competent, the appraiser may still accept by disclosing the deficiency to the client and taking the steps necessary to become competent (research, consultation with a specialist, additional training).
339 words, about 2 min