| California State Law Incorporates USPAP In It's Entirety |
STATE OF CALIFORNIA,
OFFICE OF REAL ESTATE APPRAISERS
CALIFORNIA CODE OF REGULATIONS:
TITLE 10, CHAPTER 6.5,
SECTIONS 3500 et seq.
ARTICLE 11. RULES OF PROFESSIONAL CONDUCT
3701. Standards of Professional Appraisal Practice
Every holder of a license under this part shall conform to and observe
the Uniform Standards of Professional Appraisal Practice (USPAP) and
any subsequent amendments thereto as promulgated by the Appraisal Standards
Board of The Appraisal Foundation, which standards are herein incorporated
into these regulations by reference as if fully set forth herein.
NOTE: Authority: Sections 11313 and 11314, Business and Professions
Code. Reference: Chapter 491 Statutes of 1991, Section 4; Business & Professions
Code 11340(c), Section 1103 of Public Law 101-73 (12 USC 3301, etc.)
Title XI (Real Estate Reform Amendment).
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USPAP - Selected Information
INTRODUCTION:
Uniform
Standards of Professional Appraisal Practice. These are the standards
and ethical rules intended for all appraisal disciplines – real
property, personal property, mass, and business appraisers. USPAP is
intended to promote and maintain a high level of public trust in appraisal
services and has been adopted by government agencies and recognized
by courts as the uniform appraisal standards in our country. USPAP
includes SRs (Standards Rules) and SMTs (Statement on Appraisal Standards).
Accompanying advice is also provided in AOs (Advisory Opinions), provided
in the same publication as USPAP, and FAQ's (Frequently Asked Questions)
which are published monthly (www.appraisalfoundation.org)
and compiled into an annual reference publication. |
STATEMENT ON APPRAISAL STANDARDS (SMT's):
Statements on Appraisal Standards
are authorized by the by-laws of The Appraisal Foundation and are
specifically for the purposes of clarification,
interpretation, explanation, or elaboration of the Uniform Standards
of Professional Appraisal Practice (USPAP). Statements have the full
weight of a Standards Rule and can be adopted by the Appraisal Standards
Board only after exposure and comment.
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ADVISORY OPINIONS:
Advisory Opinions issued by the Appraisal Standards
Board (ASB) do not establish new standards or interpret existing
standards. Advisory
Opinions are issued to illustrate the applicability of appraisal standards
in specific situations and to offer advice from the ASB for the resolution
of appraisal issues and problems. Advisory Opinions do not have the
full weight of a Standards Rule and can be approved by the ASB without
exposure and comment.
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We have selected a few pertinent
sections of USPAP that you may wish to peruse to better understand the
appraisal process,
in particular, Advisory Opinions 11 and 12 deal with appraisal
report options. These
are all Adobe acrobat (PDF) documents - if you do not have the
Acrobat Reader, please use the link at the bottom of the menu
on the left to acquire it. The
documents will open in a new browser window. |
