Definition: Professional standards addressing ethics and performance in appraisal practice. The Appraisal Standards Board of The Appraisal Foundation develops USPAP.
Example
An appraiser applies the standards relevant to an assignment and its reporting requirements.
Keep the distinction clear
USPAP is not an appraiser license, a valuation formula, or a guarantee of value. Applicable law and assignment requirements determine the obligation to comply.
Related terms
Appraisal · Appraiser · State-Certified Appraiser
Keep studying
CMA vs. Appraisal: What Is the Difference?
References: The Appraisal Foundation: USPAP
Pronunciation (US): YOO-nih-form STAN-derdz uhv pruh-FESH-uh-nul uh-PRAY-zul PRAK-tis; YOOS-pap (capitals show stress)
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