The Appraisal Foundation issued the following press release and link to a video discussing the changes made to USPAP for the 2012-13 edition. In order to allow access to our appraisal and other students we are posting the release sent out by the Appraisal Foundation here:
The Appraisal Foundation is pleased to announce the release of a free video on its web site entitled, A Preview of Changes to the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP).
The video, shot on location at the Foundation’s headquarters, is a 23 minute interview with the 2011 Chair and Vice Chair of the Appraisal Standards Board (ASB), J. Carl Schultz, Jr. and Barry Shea, respectively. A PowerPoint presentation is available for simultaneous viewing as well.
Please visit the following link to access video on the Foundation’s eLibrary:
USPAP changes discussed in the video include:
Revisions to DEFINITIONS of “Client,” “Extraordinary Assumptions,” and “Hypothetical Condition,” as well as a new definition of “Exposure Time”;
- Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE;
- Revisions to Advisory Opinion 21, USPAP Compliance; and,
- Revisions to STANDARDS 7 & 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT & REPORTING.
Written and Published by: VanEd