Do you know...
the most important requirement of any appraiser is USPAP compliance?
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions. State Appraiser Certification and Licensing Boards; federal, state, and local agencies, appraisal services; and appraisal trade associations require compliance with USPAP.
ASA Granted Expanded USPAP Options
In a letter dated January 5, 2010, The Appraisal Foundation officially granted ASA's request to allow BV, GJ, MTS, and PP appraisers subject to USPAP the following options for meeting USPAP continuing education requirements:
- Successful completion of the 15-Hour National USPAP Course and pass the associated 15-Hour National USPAP Course Examination every five calendar years, or
- Successful completion of the 7-Hour National USPAP Update Course every two calendar years, or
- Successful completion of a 7-Hour National USPAP Update Course specific to Business Valuation, Gems and Jewelry, Machine and Technical Specialties, or Personal Property every two calendar years