The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted real property appraisal standards and requires USPAP compliance for appraisers in federally related transactions.
USPAP contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Federal, state, and local agencies, appraisal services, and many professional appraisal organizations require compliance with USPAP.
Under the provisions of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), the Appraiser Qualifications Board (AQB) establishes the minimum education, experience, and examination requirements for real property appraisers to obtain a state license or certification.
State appraiser regulatory agencies are required to implement real property appraiser licensing and certification requirements that are no less stringent than those issued by the AQB in the Real Property Appraiser Qualification Criteria (Criteria).
The Personal Property Appraiser Qualification Criteria establishes minimum requirements for all personal property appraisers who are members of sponsoring organizations of The Appraisal Foundation. Personal property appraisers who are not members of sponsoring organizations are encouraged, but are not required, to follow the minimum education and experience recommendations established by the Criteria.