Extension of 2020-21 USPAP

 On August 11, 2022, The Appraisal Foundation’s Appraisal Standards Board (ASB) announced that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) would be extended by one additional year. The 2020-2021 USPAP will now be effective until December 31, 2023.

Following the announcement, ASB Chair Michelle Czekalski Bradley made the following statement:

"After careful consideration, the Appraisal Standards Board has voted to extend the current edition of USPAP through December 31, 2023. The ASB launched a comprehensive review of the ETHICS RULE in February and just released the resulting Third Exposure Draft in July. As USPAP matures, revisions such as this will take more time to conduct the requisite research to ensure changes continue to uphold the public trust. I am proud of the work we have done, in conjunction with the preeminent fair housing law firm Relman Colfax, to develop the proposed changes to the ETHICS RULE in the Third Exposure Draft, and the Board looks forward to receiving public comment on this proposed change.”

Frequently Asked Questions

How long is the current version of USPAP effective?
With this announcement, the 2020-21 USPAP will now have an effective date through December 31, 2023. This is an additional one-year extension, which will be added on to the previous one-year extension, which expires on December 31, 2022.

What does this mean for the USPAP cycle going forward?
Future editions of USPAP will have an effective start date but no end date. This will give the Appraisal Standards Board greater flexibility to fully examine potential revisions to the standards and respond in a timely manner to changes in the valuation profession.

How does this impact the requirement to take a 7-hour continuing education course on USPAP every two years?
This extension does not impact appraiser continuing education requirements. The 7-hour continuing education course is required to be taken once every two years as a way to offer appraisers a refresher on important cornerstones of the profession and offer practical applications for their appraisal practice. On October 1, 2023, a new USPAP course will be released, which will continue to be offered to meet this continuing education requirement. A new course will be released every 2 calendar years. 

Will I need to buy another copy of USPAP for the 7-hour continuing education course if I already bought a copy of the 2020-21 USPAP?
No, you can continue using the current version of USPAP for this cycle.

Additional Questions and Answers related to the August 11, 2022 announcement of the ASB to extend the effective date of the 2020-21 USPAP to December 31, 2023.