USPAP stands for the Uniform Standards of Professional Appraisal Practice. USPAP is the ethics and performance standards for the entire appraisal profession (not just real property) in the United States.
USPAP was established by the United States Congress in 1989 through the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) is established in Title XI of FIRREA to serve as a government watchdog for appraisal standards vis-a-vis the Appraisal Foundation (TAF).
The Appraisal Foundation (TAF) contains two divisions:
According to the Appraisal Foundation, the Appraisal Standards Board (ASB) is responsible for writing, amending, and interpreting the Uniform Standards of Professional Appraisal Practice (USPAP).
According to the Appraisal Foundation, the Appraiser Qualifications Board establishes the Real Property Appraiser Qualification Criteria (Criteria), or the minimum education, experience and examination requirements for real property appraisers to obtain a state certification.
The 15-Hour National USPAP Course is required in order to become a real property appraiser in the United States.
Real property appraisers must complete the 7-Hour National USPAP Update Course on a bi-annual basis (every 2 years).
The Appraisal Standards Board (ASB) is responsible for amending USPAP.
Each US state or territory has a State Appraiser Regulatory Agency that is responsible for certifying and licensing and supervising real estate appraisers according to federal mandates.
While the appraisal industry is enforced at the state level, there is oversight from the federal government through the Congressionally appointed Appraisal Foundation which sits under the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC).
All appraisers of real property must follow USPAP.
The Appraisal Standards Board (ASB) is responsible for writing USPAP.