The Uniform Standards of Professional Appraisal Practice
The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice and valuations in the United States, Canada, & Mexico. USPAP contains standards for all appraisal services, including Aviation, Machinery & Equipment, and Business Valuation.
Established in 1987, the Appraisal Foundation was authorized by Congress as a non-profit organization dedicated to the advancement of the appraisal profession. By means of several independent boards and based on public input, The Appraisal Foundation oversees the creation, amendment, and interpretation of the Uniform Standards of Professional Appraisal Practice. As a result of these efforts, USPAP is updated to meet the needs of the ever-changing marketplace.
Enforcement of USPAP standards is imposed by regulatory agencies, professional appraisal associations, and client groups. Required by professional appraisal associations and many client groups, USPAP standards are also endorsed by dozens of federal, state and local agencies.
Over its life, USPAP has evolved into an indispensable guide for those engaged in appraisal practice and for clients of appraisal services.