The foundation for the Uniform Standards of Professional Appraisal Practice (USPAP) was laid in the late 1980s amidst growing concerns about inconsistencies and a lack of standardized practices within the real estate appraisal industry in the United States. Prior to USPAP, appraisal practices varied significantly across different states and among individual appraisers, leading to confusion, a lack of transparency, and potential for abuse, particularly in the wake of the savings and loan crisis. Recognizing the need for greater uniformity and accountability, the appraisal profession itself took the initiative to develop a comprehensive set of guidelines that would promote public trust and ensure the reliability of appraisal services.  

 

This initial effort culminated in the creation of USPAP by the Ad Hoc Committee on Uniform Standards, a body formed by representatives from major appraisal organizations. The first edition of USPAP was officially adopted in 1989 by these organizations, marking a significant turning point in the professionalization of real estate appraisal. USPAP provided a common language, ethical guidelines, and procedural requirements that appraisers across the country were expected to follow. This standardization aimed to enhance the credibility of appraisals used in various contexts, including lending, real estate transactions, and legal proceedings, thereby safeguarding the interests of both clients and the public.  

 

Over the subsequent decades, USPAP has evolved and expanded to address the changing needs of the appraisal profession and the industries it serves. The responsibility for maintaining, interpreting, and updating USPAP was vested in the Appraisal Standards Board (ASB) of the Appraisal Foundation, a non-profit organization established by the appraisal profession. The ASB regularly reviews USPAP, soliciting input from appraisers, regulators, and other stakeholders to ensure its continued relevance and effectiveness. These updates have incorporated new technologies, addressed emerging appraisal issues, and clarified existing standards to promote consistent application across diverse appraisal assignments and property types, extending beyond real estate to include personal property appraisal as well.  

 

Today, USPAP stands as the generally recognized ethical and performance standards for the appraisal profession in the United States and its territories. While initially focused on real estate, its principles and guidelines have been widely adopted and adapted by personal property appraisers, including those specializing in fine art, antiques, and jewelry. The adherence to USPAP is often a requirement for professional appraisal organization membership, state licensing and certification, and for providing appraisals that are intended for use in federally related transactions. The history of USPAP reflects a continuous commitment to enhancing the professionalism, reliability, and public trust in the appraisal practice.