The Appraisal Institute has produced its Standards of Valuation Practice which may, in certain circumstances, be used as an alternative to “USPAP.” USPAP – the Uniform Standards of Professional Appraisal Practice – is provided by the Appraisal Foundation and is described as “the generally accepted standards for professional appraisal practice in North America. USPAP contains standards for all types of appraisal services.”
According to AI, the Standards of Valuation Practice:
- Can be used as an alternative to the USPAP or the International Valuation Standards when the use of USPAP or IVS is not required and the use of the SVP would be appropriate;
- Will serve as an alternative set of standards that could be used, not an additional set of required standards; and
- Will not supplant USPAP or other national standards.
Effective Jan. 1, 2015, Appraisal Institute Designated members, Candidates for Designation and Practicing Affiliates will be required to comply with either:
- The Standards of Valuation Practice, promulgated by the Appraisal Institute, and the Certification Standard of the Appraisal Institute; or
- Applicable national or international standards, and the Certification Standard of the Appraisal Institute.