Origins
USPAP was originally written in 1986-87 by an ad-hoc committee representing the various appraisal professional organizations in the U.S. and Canada. The copyright to USPAP was donated to TAF on April 27, 1987. While USPAP answers a specific regulatory need in the U.S., it has also been adopted by many appraisal professional organizations throughout North and South America, Europe, and Asia.
USPAP represents the generally accepted and recognized standards of appraisal practice. At its organizational meeting held on January 30, 1989, the Appraisal Standard Board (ASB) unanimously approved and adopted the original USPAP as the initial appraisal standards promulgated by ASB. USPAP may be amended, Interpreted, or retired by ASB after exposure to the users of appraisal services and the public in accordance with established rules of procedure.
Over the years, the USPAP document has evolved in content and organisational structure in response to changes in appraisal practice. The ASB has developed a process for developing both standards and guidance based, in part, on written comments submitted in response to exposure drafts and oral testimony.
Read more about this topic: Uniform Standards Of Professional Appraisal Practice
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