For appraisers, it’s the foundation that undergirds every property appraisal assignment.
Developed and copyrighted in 1987 by The Appraisal Foundation, a private, not-for-profit corporation, USPAP has been adopted by the major appraisal organizations in North America. Since its establishment, all federal banking agencies have been required to prescribe standards for the performance of real estate appraisals that, at a minimum, meet those published in USPAP.
Appraisers must comply with all laws, rules, and regulations applicable to the appraisal assignment. Among those are the Fair Housing Act and Equal Credit Opportunity Act.